Netflix gained a record number of subscribers in the fourth quarter of 2024, further solidifying its dominance in the streaming market and capping the company’s biggest year yet.
The company added 19 million paid subscribers, bringing its total base to 302 million customers globally in the fourth quarter. Hits such as the second season of Korean drama “Squid Game” and a live boxing match between YouTuber turned fighter Jake Paul and former heavyweight champion Mike Tyson helped drive viewership and subscriptions.
Netflix reported $10.2 billion in revenue, up 16% from a year ago. Quarterly net income was nearly $1.9 billion, compared to $938 milion for the same period in 2023. The Los Gatos streamer’s results beat analysts’ estimates of $10.1 billion in sales and $1.8 billion in profit, according to FactSet.
Netflix said in 2025 its priorities are to improve its core business with series and films and grow its ad-supported business, while continuing to develop its newer initiatives, such as live programming and video games. Netflix increased its 2025 revenue forecast by about $500 million, raising its projections to a range of $43.5 billion to $45.5 billion.
“We maintain a leadership position in engagement, revenue and profit,” Netflix said in a letter to shareholders on Tuesday.
The company’s stock price has risen significantly over the past year, closing at $869.68 on Tuesday, up nearly 80% from 12 months ago. The shares gained about 11% in after hours trading.
Since October 2022, Netflix has been increasing its cheaper advertising subscriptions and bringing in more live event programming to draw advertisers. Analysts say they believe this will be a key area of growth for the streamer in the future.
“In the long run, advertising offers Netflix one of its biggest growth opportunities, helping them attract new members who previously considered Netflix too expensive,” said Albie Amankona, an analyst at Third Bridge in a statement, adding that the ad-supported tier could generate even higher revenue per user than the standard paid tier.
In November, Netflix‘s Tyson vs. Paul match drew 65 million live concurrent streams. Last month, Netflix streamed two NFL football games on Christmas Day with an average of more than 30 million global viewers. In January, Netflix became the exclusive home to WWE Raw in the U.S. and other countries.
The company has been successful at raising its revenue by cracking down on password sharing, offering options to people who are using their families’ and friends’ accounts but not living in the same household to pay an additional fee.
Like all streaming services, Netflix will also need to continue to serve up compelling content to attract audiences.
“The company’s reliance on cyclical success from flagship shows like “Stranger Things” or “Squid Game” makes it difficult to forecast strong versus weak years,” Amankona said. “Unlike Disney, which benefits from long-standing franchises, Netflix’s limited investment in repeatable IP adds further volatility.”
The company’s slate of upcoming content includes new seasons of Addams family series “Wednesday” and third season of “Squid Game” coming out later this year.
One of its upcoming film big bets is “Narnia,” directed by Greta Gerwig, which will exclusively premiere on IMAX for two weeks before it’s released on Netflix in 2026.